“That’s why it’s in your best interest as a buyer to get an agent who is there to represent you,” explains Alex Cortez, a Realtor with Wailea Village Properties in Kihei, HI. listing agent: What’s the difference?īuyer’s agents are legally bound to help buyers, whereas listing agents-the real estate agent representing the home listing-have a fiduciary duty to the home seller. If negotiations become heated or hostile, it’s extremely helpful to have an experienced professional keeping calm and offering productive solutions.īuyer’s agent vs. Help overcome setbacks. If the home inspector’s report or appraisal brings new issues to light, a buyer’s agent can advise you on how to proceed with the transaction, and then act as a buffer between you and the sellers or their broker. ![]() This can also help expedite each step of the process and move you to a successful real estate sale all the faster. A buyer’s agent should also be able to refer you to reliable mortgage brokers, real estate attorneys, home inspectors, movers, and other real estate professionals. The buyer’s agent will advise clients on an appropriate price to offer and present it to the seller’s agent. “Then they will negotiate on your behalf and write up the contracts for you,” says Matt Laricy, a Realtor with Americorp Real Estate in Chicago. This is where the agent’s experience in negotiating deals can save you money and help you avoid pitfalls like a fixer-upper that’s more trouble than it’s worth. The agent can also explain the ins and outs of various properties and neighborhoods, to help buyers decide which home is right for them, by explaining the pros and cons of various options. After determining what the clients are looking for and what they can afford, the agent will schedule appointments to tour homes that fit the bill. Here are some of the things a buyer’s agent can do: “A buyer’s agent will guide you through the home-buying transaction and be at your disposal for any questions or concerns,” says Shane Wilcox, a Realtor® with Partners Trust. Realtor: Benefits of using a buyer’s agent when buying real estate "You might think a house is an easy thing to sell, but the process of buying or selling is more complicated than people realize at first glance," Channel said.įor example, a good agent can help stage a home for sale, and comes with deep knowledge of different housing markets and trends.Buyer’s agent vs. To be sure, just because you ask, doesn't mean an agent will agree to a fee reduction. "You can shop around and compare agents." No guarantees "Basic math dictates that if you sell a $2 million home and get a 2% commission fee, you're making more money than you would selling a $200,000 house and getting a 3% commission fee," Channel said. Similarly, a multimillion-dollar home sale will generate more income for an agent versus a less expensive one. ![]() "If your house is in good condition in a popular neighborhood, it's probably easier for an agent to help you," Channel said. Or, if it's a high-value asset, a lower fee will still net an agent a hefty commission. If a seller's home is expected to be easy to sell, they might be able to shop it around to different agents. "Say, 'If you lower your fee slightly, it would make it easier for me to agree to work with you,'" Channel advised. Outline your own budget and explain why it might be hard for you to work with a broker charging a high commission fee. "Be open and honest, but recognize they might not agree to a discount." Explain your circumstances "If you want to talk with your real estate agent about fees and ask for discount, do so respectfully with the understanding that at the end of the day, most real estate agents depend on commissions to survive," Channel said. There are no laws governing how little or much they can charge. "You can't suddenly say, 'I don't want to pay you as much as we agreed upon."Īgents can charge as high a percent as they want, as long as they disclose it upfront. ![]() "Neither party should be waiting until the last minute to add something or take something away," Channel added. ![]() "Upfront, at the start of the relationship, is the time to nail down what the fees are, and to get questions and concerns you have out of the way," Channel said.Īsk why they are charging that much and if there is room for a discount. Here's why it's important to establish the cost of the fee upfront, along with tips for negotiating it down.
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